Facebook disappoints market with Graph Search

That’s not a smartphone.

Facebook held its widely anticipated press event on Tuesday to show the press what it is working on, unveiling a new search service. The service, named Graph Search, will allow users to search by people, photos, places and interests.

CEO Mark Zuckerberg commented, “Graph Search is a completely new way for people to get information on Facebook,” noting that he had used it to find other fans of the TV show "Game of Thrones."

The market didn’t seem to be impressed by the announcement, sending Facebook shares lower. Heading into the event, rumors swirled about what Facebook could be working on with some speculating it could be a Facebook-branded smartphone.

One analyst noted that while the new search could enhance the user experience for Facebook, it is likely going to leverage member data, which could create concerns surrounding privacy.